Platinum Funding Group Provides $7.2 Million in Financing to a Manufacturing Company

Platinum Funding Group has completed a $7.2 million accounts receivable finance facility for U.S. Miniature Lamps, Inc., an Indianapolis-based manufacturer of lighting products for the appliance industry.

New York, NY (PRWEB) November 1, 2007 -- Platinum Funding Group, a leading factoring company, announced today the completion of a $7.2 million factoring facility for U.S. Miniature Lamps, Inc. ("USML"). USML is an Indianapolis, Indiana-based manufacturer and importer of incandescent and fluorescent lamps and lighting products to the appliance and electronics industry, as well as automotive manufacturers. The company has been in business since 1986 and has an additional office in Taipei, Taiwan.

Platinum Funding Group provided working capital through the purchase of the company's accounts receivable. As part of the financing arrangement, Platinum Funding Group paid off USML's $350,000 line of credit with American Enterprise Bank that was restricting the company's growth. Platinum was also instrumental in securing an inventory and purchase order financing facility with a third party in order to help fund the expected future growth of USML.

"Working with Platinum Funding Group has been a very pleasant experience," said Noah Stodghill, President of U.S. Miniature Lamps, Inc. "The 'I am here to help' attitude is so refreshing in today's world. The absolute best part is when I have a question, I can talk to a real person."

"This deal is a perfect example of the advantages of a factor over a traditional lender," said Eyal Levy, Founder and CEO of Platinum Funding Group. "When the business is experiencing a period of rapid growth, as is the case with USML, the line of credit offered by a bank often cannot keep up with the company's working capital needs, in effect restricting the growth. Factoring carries no such limitations as Platinum Funding Group does not set a funding ceiling for its clients - only their customers - and therefore can support the business in its most dynamic stages."

Note to Editors: Platinum Funding Group is a leading factoring company, which specializes in providing cash from the outright purchase of a company's accounts receivable income stream, for small and middle market companies that need to fund internal growth, a recapitalization, acquisitions, working capital or to exit Chapter 11.

For more information, visit www.PlatinumFundingGroup.com or contact:

Anna Belkina

Platinum Funding Group

212-944-2828 ext. 215

Daria Hall

Walek & Associates

212-590-0534

About Platinum Funding Group

Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $1 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries. The company holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, fast growing firms, and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S.

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